Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.

Gambling has progressed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

Slowly, with increased web gain access to came virtual sports betting, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

In spite of financial difficulties such as inflation, Nigeria's sports betting sector has actually thrived, attracting millions, specifically amongst the vibrant market dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an approximated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show market regulatory spaces.

In spite of these obstacles, sports betting business continue to grow through reliable service designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various roles in the gaming and sports betting entertainment industry, consisting of operating at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that integrates pertinent sports betting material, sports betting engaging features, and a first-rate sportsbook.

Because taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The business's staff member headcount has increased by 29%, and yearly earnings has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have propelled LiveScore Group's success and helped shape the industry's instructions. LiveScoreBet has accomplished significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having previously acted as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming market given that 2000, holding different effective functions, consisting of General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman's management, Betway has actually continued to grow its market presence and sports betting enhance its offerings. The company's app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her know-how spans the gaming, property, sports betting and credit financing markets, where he has actually established himself as a tactical and functional leader.

Damilare has contributed in NairaBET's success for over 14 years. Since June 2019, she has actually acted as Managing Director and has supervised the business's development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional techniques and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally functional website, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, sports betting including Nigeria, where it is fully accredited.

Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of sports betting options and an user-friendly platform. The 1XBET app has more than 500,000 downloads on the Play Store.

Gossy Ukanwoke - CEO of Betking Nigeria

Gossy Ukanwoke is the CEO of BetKing, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and governments to develop developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing annually. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, which was increased to 49% in 2021.

Denise Coates - CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has because turned into among the world's biggest online gaming business.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered substantial user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye - CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and co-founder of Bet9ja, a leading sports betting company in Nigeria, established alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates investment returns and offers special investment insights and solutions to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has become a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the business's development through collaborations, company technique, and new business advancement.

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment video games, and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani-- CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has become a significant player in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet community. His financial investments show his commitment to cultivating innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage innovative technology and a commitment to responsible sports betting to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent's largest and most ingenious sports betting wagering platform.

At a press rundown, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and professional team will allow it to scale and dominate the market rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic police in Nigeria's northern city of Kano have actually started shutting down sports betting stores, which they state are running unlawfully.

"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.

On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer stated.

However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.

Bookies and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have television screens, and clients view the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had actually been able to run under the radar as they had actually opened under false pretenses.

"They do not have licences to operate as they were allowed to run video games centres, which they later on transformed to wagering stores," he said.

The sports betting industry has expanded dramatically throughout West Africa over the last few years. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.

Nigeria's debilitating economic crisis has also implied people want to risk a percentage in the hope of winning big.

However this had resulted in extensive addiction, and moms and dads were even grumbling that kids were leaving of school to gamble, sports betting Mr Aminudeen said.

"These economic issues we are facing in Nigeria is God telling us to change our ways by stopping sins," he said.

The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.

"I am encouraging those running those sports betting stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.

It is uncertain what penalty they would deal with - often, such infringements carry a fine.

Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were banned.